7 Steps You Can Take to Lower the Cost of a Data Breach
Most clients understand the importance of making purchases from you without being anxious about the protection of their private information. That shows how much they trust your business’s cybersecurity posture until something otherwise happens. Data breaches are now prevalent among companies and organizations. Hence, data fraud could have major repercussions if it occurs. Social engineering, phishing, malicious insiders, and email compromise are the four biggest cybercrimes.
Diverse company partners and staff are reliable and committed to doing a good job. However, insider security breaches continue to rank among modern business organizations’ most critical dangers. Regardless of whether it is intentional or not, insiders, such as workers, suppliers, or partners, are amongst the most prevalent source of security breaches today.
An excellent security plan must include measures to reduce the costs of data breaches. The occurrence of a data breach puts a company under multiple financial strains. Then an extensive financial investment is employed to investigate the source of the breach, as are the costs associated with legal defense, reporting, and breach remediation costs. Some aspects may minimize or enhance the overall cost of a data breach.
A report by Cybersecurity Ventures predicts that cybercrime damage can get as far as costing $15.2 million per minute. Therefore, trying as much as possible to avoid it is very crucial. Regulations and laws are two elements a business cannot control but must be addressed. But how can business owners lower the costs of a data breach?
How Businesses Can Reduce the Cost of a Data Breach
Find below seven steps business owners need to take to reduce or eliminate data breaches:
- Implement phishing-resistant MFA
The phishing-resistant MFA is the most vital type of phishing-resistant cybersecurity method. It is a type of multi-factor authentication that is resistant to phishing risks and attacks to compromise or disrupt a business’s network.
Some phishing attacks include man-in-the-middle attacks, spear phishing, reply attacks, brute force attacks, and credential stuffing. Most companies fall victim to one or more of these attacks. Please don’t become one of them. But, if you were once a victim, ensure it doesn’t happen again.
- Have a data breach response team
Creating a breach response strategy enables an organization’s employer and employees to conceive and recognize the harm a data/security breach can cause. A quick response is a vital technique for dealing with data breaches. Reduce data breach costs by employing a competent outsourced IT team that is knowledgeable about what to do when a data breach occurs.
- Employ cybersecurity professionals with data breach experience
Similar to the point above, business owners should employ cybersecurity experts with enough data breach experience. You want an individual who has already performed the procedure. This isn’t about giving entry-level candidates a chance. It’s more about your profitability. If you employ a novice, you’re in for something worse than a data breach.
- Train all employees
Every worker in your company is subject to data breach protection training, and the best method for ensuring that everyone is aware of their duties and is on the same level is through training. These obligations range from the adoption of a Data Response Plan in case of a data breach to daily security precautions and best practices.
Every employee in your company should be aware of daily precautions and emergency procedures to follow in case of a security crisis. The chances of having a data breach are minimized when every staff is knowledgeable of their roles, what is required of them, and the consequences should a data breach occur.
- Investigate a data breach and fix the systems
The only way to stop it from reoccurring is to figure out how your network was compromised. A forensic study requested by a third-party provider will shed more light on the issue. Obtaining forensic solutions is usually needed, and they’re beneficial in assisting you in understanding how to prevent future breaches, in addition to helping you identify the source of the breach. Be ready because it can take some time.
All compromised systems can be brought back online once the cause of the attack has been identified and secured. Ensure they’re protected from future assaults by achieving compliance with PCI DSS (Payment Card Industry Data Security Standard).
- Consider getting cyber insurance
The surge in cyber insurance demand shouldn’t be surprising, given the rising number of companies encountering data breaches.
As an employer, it is important to know this; cyber insurance is just a reactive measure. It won’t protect your business from a data breach. Instead, cyber insurance will ensure that the company will have appropriate financial stability in the event of a severe security breach. Cyber insurance is used to pay for diverse data-related expenses and services, including employing a forensics specialist or other personnel required to look into and control an issue.
- Consistent software update
Regularly updating your application software and operating system is amongst the best techniques to prevent breach attempts. If your network isn’t upgraded, it could be compromised. The revised software’s feature was created to guard against cyber assaults. A frequent software update is an easy yet powerful technique to prevent data breaches.
Lower the Cost of a Data Breach with Skyline IT Management
By using our managed cybersecurity services rather than piecemeal products, you can be sure that all of your defenses are operating without interference from other apps.
Skyline IT Management isn’t just an average IT support organization. Our team knows how crucial technology is to generating money and improving your bottom line.
Our services are customized to meet each client’s demands, ensuring that you pay a fair and reasonable fee for the help you require. Contact us now!